It has been a while since some cryptocurrencies have become more famous and some have just been washed out of now where. Today, we are going to discuss about the crypto which is not only in the market due to its specialty, but it has been hailed by Crypto enthusiasts as the Future Empowering one. Yes, we are going to discuss about Tron, the future empowering Crypto.
Table of Contents
What is Tron Cryptocurrency?
We will make this brief. Tron is basically a crypto which is decentralized, operating on blockchain based technology and yes it uses proof of stake algorithm to get mined.
The magical brain behind the inception of this cool Crypto is Justin Sun. In 2017 he found this crypto currency and marketed in such a way that it was able to raise $70 million in the initial coin offering. (That sounds pretty insane isn’t ! ). Being built on Ethereum ERC-20 token, the developers just made a switch to its TRON’s own Peer to Peer network in 2018. Daily this network handles many millions of transactions.
Lets see how TRON’s design to understand how does it do …
TRON Cryptocurrency Architecture
Tron, from its white paper, has kept the deign pretty simple. It is a 3 layer design.
- Core layer: This is the foundation layer of TRX design.
This core layer has three main modules:
a. Smart contract module
b. Account management module
c. Consensus module
In order to serve the development of the Decentralized app ( DApps ) better, the usage of Java Language is focused. Other high level languages supplement the development. Also the additional implementation can be done in python, go or other high level languagues. - Storage Layer : This layer has been hailed in the community of DApp developer. This layer introduces two types of storages.
- Block Storage.
- State Storage.
The notion of a graph database was introduced into the design of the storage layer to better meet the need for diversified data storage in the real world.
- Application Layer: This is the last layer of Tron architecture. The DApps and Customized wallets are made on the top of this layer. Developers can utilize interfaces for the creation of diverse DApps and customized wallets. The TRON protocol aligns itself in completely to Google Protobuf, which basically supports multi-language extension.
And we have node types for the application layer.
Node Types:
Lets see the types of Nodes
1. Witness Node : They are set up by SRs and are mainly responsible for block production and proposal creation/voting.
2. Full Node : provide APIs and broadcast transactions and blocks
3. Solidity Node : blocks from other Full Nodes and also provide indexable APIs.
This architecture promotes reliability and security in the design of the cryptocurrency.
It also has its virtual machine called as TVM ( Tron Virtual machine ) just like ethereum has EVM. TVM is basically trying to help in execution of smart contracts. The users in TVM use proof of stake algorithm for getting consensus.
Now lets look at some benefits that are offered by this Cryptocurrency.
What are the Benefits of TRX?
Many benefits one can see by the use of this cryptocurrency.
- The network lets users vote and select their super representative by staking their TRX
- This currency is also used by the content creators to receive payments.
- The transaction fee on Tron’s decentralised platform is very low when compared to other mainstream digital platforms
- Tron supports 2000 transactions per second, which is much more in comparison to other cryptocurrencies
- Looking Globally, the buyers and sellers can utilize this currency 24*7.
Looking at all these benefits one can think of investing in the currency…
Tron Price Prediction
Looking at the pros via the architecture that we saw above, this crypto is one of the reliable one in the market. The trading option is pretty low cost. The currency was also able to maintain good market capitalization over these years.
We have jolted down a few reasons about why tron can turn out to be a good investment.
- Transaction Fees are zero.
- The transaction per second offered are higher as compared to other crypto like Ethereum or Bitcoin.
- The storage of this crypto can be done on hardware wallet and software wallet both.
- And yes! The holding and staking of this crypto can also help in making returns for a longer period of time.
The investment in any cryptocurrency is inherently related to its market risk. Tron is no different. However wise investors always look up to the charts while taking a decision.
The below chart depicts the very recent and futuristic view of how the Tron Cryptocurrency and how it is going to make a difference in the blockchain world.
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